Search

Greece

ABS – Greek systemic banks submitted their updated business plans to SSM, indicating up to €2.5bn expected additional NPEs (naftemporiki.gr) 

  • While deposit rates remain stable and base rates maintain their upward direction, wider interest margins are expected to cushion an adverse scenario driven by global uncertainty
  • Additional NPEs are expected to not surpass €2.5bn, while HAPS final date for submission was also the end of October

ABS – Ministry of Finance reached an agreement with banks and servicers to reduce interest margins of out-of-court debt settlements (mononews.gr)

  • For debts to financial institutions covered in whole or in part by special privileges, a 75bps reduction will set the annual rate at 2.50%+ 3m Euribor henceforth
  • Accordingly, a 150bps reduction for debts not covered by special privileges will set the annual rate at 3.0%+ 3m Euribor

United Kingdom

ABS – Clydesdale Bank prices its prime RMBS (Debtwire)

  • The latest STS RMBS deal from Clydesdale priced less than a year since its previous Lanark Master, back in April this year
  • The AAA-rated £800m senior note (of which £400m was retained) has a 12% CE (10.8% through subordination whilst 1.2% is through a funding reserve), was issued at par with a DM of 82 bps over Sonia and a 2.97y WAL
  • The underlying £4.03bn master trust pool comprised c. 34k prime mortgages with 73 months seasoning, a remaining term of 18 years and had an average LTV of 45%
  • 69% of the notes went to bank treasuries and 31% to asset managers across 23 investors

Italy

Servicing – Intrum Italy won a multiyear servicing mandate from Crédit Agricole Italia(Creditvillage) 

  • The servicing mandate has a five-year duration and concerns the management of both residential mortgages and SMEs loans classifies as UTPs or NPLs
  • The agreement encompasses the management of an initial stock of c.€400m loans (i.e., c.4,000 loans, of which 80% are residential mortgages, divided between €280m UTP exposures and €120m NPL exposures) and forward flow consisting of 95% of new NPLs and UTPs with the same characteristics of the initial stock

Spain

Credit – Banks manage to reduce delinquency rate after reaching a peak of 7% in spring (El Confidencial) 

  • In order to stop increasing this rate, banks have sold a great amount of NPL portfolios
  • The household segment is expected to deteriorate the most in the near future from the consumer credit spectrum

Credit – Current economic situation leads to a remarkable increase in unpaid electricity and gas bills (El Confidencial) 

  • Spanish electricity companies are suffering from the effects of the energy crisis
  • Iberdrola has been forced to increase its provisions by 35% to deal with distressed debt

Real estate – Blackstone plans to sell real estate assets worth €428m through Anticipa (Eje Prime) 

  • The American private equity’s strategy is described in Albirana’s (Blackstone’s rental socimi) annual results
  • Blackstone intends to sell the assets during the next 12 months to counteract the negative working capital of Albirana (-$46.8m in June)

Real estate – Activum explores the sale of ASG Homes (CincoDías) 

  • The German firm is analysing the market to detect whether there is interest in its Spanish developer ASG Homes
  • ASG has a portfolio under development of 3,000 units and approximately another 1,200 on sale

Real estate – Zurich sells two portfolios that sum 6 office buildings for €120m (Eje Prime) 

  • Half of the units are located in Madrid and the other half in Barcelona
  • This transaction is part of Zurich’s asset rotation strategy

Servicing – Cerberus demands $600m for the disposal of Haya Real Estate (Voz Populi) 

  • The American private equity firm is willing to accept a price between $500m and $600m for the sale
  • Intrum and doValue are positioned among the most interested parties

Real estate – Neinor in negotiations with Canadian fund CPPIB for the sale of its BTR portfolio (Eje Prime) 

  • The Basque firm is developing a project of 5,000 residential units in 5 years, and is considering the sale of a part of it to CPPIB
  • The face value of the portfolio is c.€400m

Real estate – Mapfre and Munich RE have transferred buildings worth c.€250m to their new real estate fund (CincoDías) 

  • They have transferred four office buildings, three of which are located in Germany (two in Hamburg and one in Düsseldorf) and the other one in Madrid
  • Mapfre has carried out the transaction along with MEAG, the asset manager of the reinsurer Munich RE

Banking M&A – Credit Suisse sells a part of its core business to focus on wealth management (El Español) 

  • The Swiss bank wants to seal the transaction before they present their restructuring plan on October 27th
  • They have disposed of their stake in the Spanish platform Allfunds (8.6% worth €334m), and are considering cleaving part of its advisory and investment banking business

Netherlands

Insurance M&A – Dutch insurer ASR takes over Aegon Netherlands (fd.) 

  • ASR pays almost €4.9bn for the acquisition of the Dutch subsidiary of Aegon via a €2.5bn cash settlement in addition to a c.30% stake of Aegon in ASR
  • With the deal, ASR will become the second largest listed insurer in the Netherlands, after NN
  • The fd. states that the purchase of Aegon’s Dutch activities offers ASR the opportunity to save costs and realise synergies

Funding – Floryn raises €65M of financing from NatWest (silicon canals) 

  • Floryn announced that the funds will be used to strengthen their business efficiency
  • This financing follows their previous funding line from 2019 of €60m from NIBC Bank and others
  • The Dutch NBFI offers SME loans up to €3m and has financed a total of €650m loans since its inception in 2016

ABS – Dutch BTL RMBS Jubilee Place 5 priced (Debtwire) 

  • The arranger Citi retained the A-notes as a loan note with an initial coupon of 90bps (over 3ME), significantly lower than the coupon of 120bps (over 3ME) on their senior June earlier this year (Jubilee Place 4)
  • The €21m rated AAs and €11m rated A notes came with discount margins of 325bps an 425bps, respectively
  • The portfolio constitutes a GBV of €409m BTL loans from the originators Tulp, Nestr and Casarion